Legal Question in Bankruptcy in Illinois
Home sale on contract
I sold a home on contract to an individual. They have now filed bankruptcy, but intend to retain the home and the note. I have received notice from their attorney to this affect. Is there anything that I need to do in this situation?
Asked on 5/15/09, 12:16 pm
1 Answer from Attorneys
Joseph Michelotti
Michelotti & Associates, Ltd.
Re: Home sale on contract
If the debt is "reaffirmed" the they are still liable under the contract. Bankruptcy might be a contingency event on the contract.
Answered on 5/16/09, 12:33 pm
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